Addressing the needs of a constantly changing environment, the bank recognises the significance and value of streamlining its operations. Hence, it has announced the formation of a Business Group and a Support Group to ensure the successful implementation of its strategy through an effective organization structure.

The Business Group - Consumer and Wholesale Banking - headed by Dr. Chilwan, will be responsible for all the business functions of the bank, i.e. Consumer Banking, Corporate Banking, Real Estate and Contracting and Treasury. The Support Group, led by Al Nahdi, will be responsible for support functions like Central Operations, Information Technology, Legal, Compliance, Administration and Collections.

"Dubai Islamic Bank is embarking upon a new phase of growth and expansion, and our new structure has been aligned to capitalise on this business potential," said Abdulla Al Hamli, Chief Executive Officer, DIB. "Dubai Islamic Bank successfully weathered the global economic crisis through its prudent approach to financing and provisioning. The bank is now geared to seize the opportunities in the coming years and to meet shareholder expectations."

He added: "I am confident that the strengthened management team will enable the bank to effectively implement its business strategy, while continuing to provide customers with innovative Sharia-compliant solutions that meet their evolving needs."

In line with its long-term domestic expansion strategy, Dubai Islamic Bank continues to focus on the opening of strategically located BRanches while also increasing its total customer base. DIB aims to strengthen its UAE-wide BRanch network by 10 more BRanches in 2011.

Recently, DIB announced the increase of its stake in Tamweel, the UAE-based Islamic home finance provider, to approximately 58 per cent, thus becoming the majority shareholder of the company. Upon the successful completion of the contractual arrangements with major shareholders, the Bank will have a controlling interest in the company.

DIB also launched Emirates REIT in joint venture with Eiffel Management, a pioneer of REITs in France. Both these initiatives are expected to provide much-needed impetus to Dubai's real estate sector, as well as strengthen DIB's share in the real estate financing sector in the UAE.

-Ends-

About Dubai Islamic Bank: Dubai Islamic Bank (DIB), established in 1975, is the first Islamic bank to have incorporated the principles of Islam in all its practices and is the largest Islamic bank in the UAE. DIB is a public joint stock company, and its shares are listed on the Dubai Financial Market. The bank enjoys a reputation as a leader and innovator in maintaining the quality, flexibility and accessibility of its products and services. The bank currently operates 66 BRanches in the UAE.

DIB has been proactive in creating partnerships and alliances at both the local and international level. The bank has established DIB Pakistan Limited, a wholly owned subsidiary which has a network of 36 BRanches across 16 major cities in Pakistan. DIB has also started operations in Jordan, with the establishment of Jordan Dubai Islamic Bank

DIB has won the respect of its peers around the world for many years, and its leading position has been reaffirmed by the 34 awards that it has won in 2008 and 24 accolades in 2009, across diversified areas, including retail, corporate and investment banking. The bank's most recent awards include "Best Islamic Bank in UAE" for the fifth consecutive year by Islamic Finance News, "Best Islamic Bank in UAE" by Asiamoney magazine, and "Best Islamic Finance Bank" by NY-based Global Finance magazine. For further information, please contact: Nicholas Nesson/Gunjan Chaurasia ASDA'A Burson-Marsteller Dubai, UAE Tel: 971-4-3355969 Fax: 971-4-3356080 E-mail: n.nesson@asdaa.com/g.chaurasia@asdaa.com

© Press Release 2010 from ASDA'A Public Relations¬